'COVID-19 Coexistence' Dongseung, 20% Temporary Rent Reduction for 4,300 Stores in Dongdaemun

Three-Month Suspension of Rent Increase Proposal... Withdrawal of Deposit Increase Proposal Also

JW Marriott Dongdaemun Square Seoul and Dongdaemun General Market Exterior

[Asia Economy Reporter Cha Min-young] Dongseung announced on the 28th that it will temporarily reduce rent and freeze deposits to ease the burden on merchants due to the spread of the novel coronavirus infection (COVID-19).

On the same day, Dongseung decided to reduce rent by 20% for about 4,300 stores in Dongdaemun General Market for three months. The rent increase scheduled for this year will also be postponed for three months, and the deposit increase plan has been withdrawn.

Dongseung explained that it is conducting intensive daily disinfection of the entire building and all fixtures. In particular, sterilization and disinfection are frequently carried out around areas frequently used by customers, such as elevators, entrances, and restrooms.

Meanwhile, Dongseung owns JW Marriott Dongdaemun Square Seoul and Dongdaemun General Market.